OceanPal Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2024
OceanPal Inc. (NASDAQ: OP) reported its Q3 2024 financial results with vessel revenues of $7.5 million, showing improvement from $3.9 million in Q3 2023. However, the company recorded a net loss of $0.2 million and net loss attributed to common stockholders of $0.6 million. For the nine months ended September 30, 2024, vessel revenues were $19.9 million, with a net loss of $9.7 million.
The company's fleet includes 3 Panamax bulk carriers, 2 Capesize bulk carriers, and 1 MR2 tanker. The fleet achieved a 96.1% utilization rate in Q3 2024, with an average TCE rate of $13,089, up from $9,622 in Q3 2023. Daily vessel operating expenses decreased to $6,247 from $8,333 year-over-year.
OceanPal Inc. (NASDAQ: OP) ha riportato i risultati finanziari per il terzo trimestre del 2024, registrando ricavi da navi di 7,5 milioni di dollari, in miglioramento rispetto ai 3,9 milioni di dollari del terzo trimestre del 2023. Tuttavia, l'azienda ha registrato una perdita netta di 0,2 milioni di dollari e una perdita netta attribuita agli azionisti ordinari di 0,6 milioni di dollari. Nei nove mesi terminati il 30 settembre 2024, i ricavi da navi sono stati 19,9 milioni di dollari, con una perdita netta di 9,7 milioni di dollari.
La flotta dell'azienda comprende 3 bulk carrier Panamax, 2 bulk carrier Capesize e 1 tanker MR2. La flotta ha raggiunto un tasso di utilizzo del 96,1% nel terzo trimestre del 2024, con una tariffa TCE media di 13.089 dollari, in aumento rispetto ai 9.622 dollari nel terzo trimestre del 2023. Le spese operative quotidiane delle navi sono diminuite a 6.247 dollari rispetto agli 8.333 dollari dell'anno precedente.
OceanPal Inc. (NASDAQ: OP) reportó sus resultados financieros del tercer trimestre de 2024, mostrando ingresos por buques de 7,5 millones de dólares, mejorando desde los 3,9 millones de dólares en el tercer trimestre de 2023. Sin embargo, la compañía registró una pérdida neta de 0,2 millones de dólares y una pérdida neta atribuible a los accionistas comunes de 0,6 millones de dólares. Para los nueve meses que terminaron el 30 de septiembre de 2024, los ingresos por buques fueron 19,9 millones de dólares, con una pérdida neta de 9,7 millones de dólares.
La flota de la compañía incluye 3 graneleros Panamax, 2 graneleros Capesize y 1 buque tanque MR2. La flota logró un tasa de utilización del 96,1% en el tercer trimestre de 2024, con una tasa TCE promedio de 13.089 dólares, un aumento desde 9.622 dólares en el tercer trimestre de 2023. Los gastos operativos diarios de los buques disminuyeron a 6.247 dólares desde 8.333 dólares interanualmente.
OceanPal Inc. (NASDAQ: OP)는 2024년 3분기 재무 결과를 발표하며 선박 수익 750만 달러로 2023년 3분기 390만 달러에 비해 개선된 모습을 보였습니다. 그러나 회사는 20만 달러의 순손실을 기록했으며, 보통주식주주에게 귀속된 순손실은 60만 달러입니다. 2024년 9월 30일 종료된 9개월 동안 선박 수익은 1990만 달러였으며, 순손실은 970만 달러입니다.
회사의 함대에는 3척의 파나막스 벌크 선, 2척의 카프사이즈 벌크 선, 1척의 MR2 유조선이 포함되어 있습니다. 이 함대는 2024년 3분기에 96.1%의 가동률을 달성했으며, 평균 TCE 요금은 13,089달러로 2023년 3분기의 9,622달러에서 증가했습니다. 일일 선박 운영비용은 연간 8,333달러에서 6,247달러로 감소했습니다.
OceanPal Inc. (NASDAQ: OP) a publié ses résultats financiers du troisième trimestre 2024, avec des revenus de navires de 7,5 millions de dollars, marquant une amélioration par rapport à 3,9 millions de dollars au troisième trimestre 2023. Cependant, la société a enregistré une perte nette de 0,2 million de dollars et une perte nette attribuée aux actionnaires ordinaires de 0,6 million de dollars. Pour les neuf mois se terminant le 30 septembre 2024, les revenus des navires se sont élevés à 19,9 millions de dollars, avec une perte nette de 9,7 millions de dollars.
La flotte de l'entreprise comprend 3 vraquiers Panamax, 2 vraquiers Capesize et 1 tanker MR2. La flotte a atteint un taux d'utilisation de 96,1% au troisième trimestre 2024, avec un taux TCE moyen de 13.089 dollars, en hausse par rapport à 9.622 dollars au troisième trimestre 2023. Les frais d'exploitation des navires par jour ont diminué à 6.247 dollars contre 8.333 dollars l'année précédente.
OceanPal Inc. (NASDAQ: OP) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit Schiffseinnahmen von 7,5 Millionen Dollar, was eine Verbesserung gegenüber 3,9 Millionen Dollar im dritten Quartal 2023 darstellt. Das Unternehmen verzeichnete jedoch einen Nettoverlust von 0,2 Millionen Dollar sowie einen Nettoverlust, der den Stammaktionären zugeschrieben wurde, von 0,6 Millionen Dollar. Für die neun Monate bis zum 30. September 2024 betrugen die Schiffseinnahmen 19,9 Millionen Dollar, bei einem Nettoverlust von 9,7 Millionen Dollar.
Die Flotte des Unternehmens umfasst 3 Panamax-Bulkcarrier, 2 Capesize-Bulkcarrier und 1 MR2-Tanker. Die Flotte erzielte im dritten Quartal 2024 einen Auslastungsgrad von 96,1%, mit einem durchschnittlichen TCE-Satz von 13.089 Dollar, was einer Steigerung von 9.622 Dollar im dritten Quartal 2023 entspricht. Die täglichen Betriebskosten der Schiffe sind von 8.333 Dollar im Vorjahr auf 6.247 Dollar gesunken.
- Vessel revenues increased 94% YoY to $7.5M in Q3 2024
- TCE rate improved to $13,089 from $9,622 YoY
- Daily vessel operating expenses decreased 25% to $6,247
- Net loss of $9.7M for nine months ended September 30, 2024, worse than $2.0M loss in 2023
- Fleet utilization declined to 96.1% from 98.5% YoY
- Vessel Baltimore sold in November 2024, reducing fleet capacity
Insights
The Q3 2024 results reveal a complex financial picture for OceanPal. While vessel revenues nearly doubled to
Operating metrics show improved cost management, with daily vessel operating expenses decreasing by
The fleet utilization slightly declined to
The company's vessel portfolio demonstrates strategic diversification with a mix of Panamax, Capesize and MR2 tanker vessels. The charter rates across the fleet show significant volatility, particularly in the Capesize segment where rates fluctuated from
The recent sale of the Baltimore vessel and scheduled drydocking of multiple vessels indicates active fleet management but could impact near-term revenue generation. The aging fleet, averaging 19.2 years, positions OceanPal in a higher-risk segment of the market, as older vessels typically command lower rates and face increased scrutiny under environmental regulations.
ATHENS, Greece, Dec. 20, 2024 (GLOBE NEWSWIRE) -- OceanPal Inc. (NASDAQ: OP) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported vessel revenues of
For the nine months ended September 30, 2024, the Company reported vessel revenues of
Fleet Employment Profile (As of December 19, 2024)
OceanPal Inc.’s fleet is employed as follows:
| Dry Bulk Vessels | Gross Rate (USD/Day) | Com* | Charterers | Delivery Date to Charterers** | Redelivery Date to Owners*** | Notes | |||
| BUILT DWT | |||||||||
| 3 Panamax Bulk Carriers | |||||||||
| 1 | PROTEFS | CHINA RESOURCE CHARTERING LIMITED | 14-Apr-24 | 14-Jul-24 | |||||
| 2004 73,630 | BG SHIPPING (SINGAPORE) PTE. LTD. | 14-Jul-24 | 14-Aug-24 | ||||||
| LOTUS OCEAN TRANSPORTATION (HK) LIMITED | 14-Aug-24 | 12-Sep-24 | |||||||
| JOINT VISION SHIPPING CO., LIMITED | 12-Sep-24 | 03-Oct-24 | |||||||
| ORIENTAL PAL SHIPPING PTE. LTD. | 03-Oct-24 | 21-Oct-24 | |||||||
| 21-Oct-24 | 15-Nov-24 | ||||||||
| PASSSPARTOUT SHIPPING LIMITED | 15-Nov-24 | 13-Dec-24 | |||||||
| TONGLI SHIPPING PTE. LTD. | 13-Dec-24 | 02-Jan-25 | 1 | ||||||
| 2 | CALIPSO | COFCO INTERNATIONAL FREIGHT SA | 06-Apr-24 | 03-Aug-24 | |||||
| 2005 73,691 | SEAPOL SINGAPORE PTE. LTD. | 13-Aug-24 | 03-Sep-24 | ||||||
| ASL BULK SHIPPING LIMITED | 03-Sep-24 | 29-Dec-24 | 2 | ||||||
| 3 | MELIA | OLDENDORFF CARRIERS GMBH & CO. KG | 01-May-24 | 04-Aug-24 | |||||
| 2005 76,225 | CHINA RESOURCE CHARTERING LIMITED | 04-Aug-24 | 07-Dec-24 | 3 | |||||
| 2 Capesize Bulk Carriers | |||||||||
| 4 | SALT LAKE CITY | DEYESION SHIPPING % TRADING COMPANY LIMITED | 01-Jun-24 | 27-Jul-24 | |||||
| 2005 171,810 | 27-Jul-24 | 21-Sep-24 | |||||||
RICHLAND BULK PTE. LTD. | 21-Sep-24 | 06-Nov-24 | |||||||
| 06-Nov-24 | 19-Dec-24 | ||||||||
| DEYICHENG SHIPPING AND TRADING CO., LIMITED | 19-Dec-24 | 28-Jan-25 | 4 | ||||||
| 5 | BALTIMORE | RICHLAND BULK PTE. LTD. | 09-May-24 | 18-Nov-24 | 5 | ||||
| 2005 177,243 | |||||||||
| Tanker Vessel | Gross Rate (USD/Day) | Com* | Charterers | Delivery Date to Charterers** | Redelivery Date to Owners*** | Notes | |||
| BUILT DWT | |||||||||
| 1 MR2 Tanker | |||||||||
| 6 | ZEZE START 2009 49,999 | Spot | - | ST SHIPPING AND TRANSPORT PTE LTD | - | - | |||
| Spot | - | UNION INTERNATIONAL TRADING PTE. LTD. | - | - | 6,7 | ||||
| * | Total commission percentage paid to third parties. | ||||||||
| ** | In case of newly acquired vessel with new time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company. | ||||||||
| *** | Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the particular charterparty. | ||||||||
1 Redelivery date on an estimated time charter trip duration of about 20 days.
2 Redelivery date on an estimated time charter trip duration of about 117 days.
3 Currently without an active charterparty. Vessel on scheduled drydocking.
4 Redelivery date on an estimated time charter trip duration of about 40 days.
5 Vessel has been sold and delivered to her new Owners on November 19, 2024.
6 Vessel on scheduled drydocking from October 15, 2024 until December 13, 2024.
7 Currently without an active charterparty.
| Summary of Selected Financial & Other Data | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| STATEMENT OF OPERATIONS DATA (in thousands of US Dollars) | |||||||||||||||
| Vessel revenues | $ | 7,497 | $ | 3,866 | $ | 19,921 | $ | 13,149 | |||||||
| Voyage expenses | 1,188 | 27 | 2,605 | 1,303 | |||||||||||
| Vessel operating expenses | 3,011 | 3,833 | 8,591 | 8,869 | |||||||||||
| Net loss and comprehensive loss | (162 | ) | (3,382 | ) | (9,673 | ) | (2,035 | ) | |||||||
| Net loss and comprehensive loss attributed to common stockholders | (616 | ) | (3,891 | ) | (10,937 | ) | (3,865 | ) | |||||||
| FLEET DATA | |||||||||||||||
| Average number of vessels | 5.2 | 5.0 | 5.1 | 4.9 | |||||||||||
| Number of vessels | 6.0 | 5.0 | 6.0 | 5.0 | |||||||||||
| Weighted average age of vessels | 19.2 | 18.5 | 19.2 | 18.5 | |||||||||||
| Ownership days | 482 | 460 | 1,392 | 1,327 | |||||||||||
| Available days | 482 | 399 | 1,385 | 1,247 | |||||||||||
| Operating days | 463 | 393 | 1,347 | 1,232 | |||||||||||
| Fleet utilization | |||||||||||||||
| AVERAGE DAILY RESULTS (in US Dollars) | |||||||||||||||
| Time charter equivalent (TCE) rate (1) | $ | 13,089 | $ | 9,622 | $ | 12,503 | $ | 9,500 | |||||||
| Daily vessel operating expenses (2) | $ | 6,247 | $ | 8,333 | $ | 6,172 | $ | 6,683 | |||||||
Non-GAAP Measures
| (1) | Time charter equivalent rates, or TCE rates, are defined as time charter and voyage revenues, less voyage expenses during a period divided by the number of available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters or time charters) under which the vessels may be employed between the periods, and assist company’s management to assess its fleet’s financial and operational performance. |
| (2) | Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. |
About the Company
OceanPal Inc. is a global provider of shipping transportation services, specializing in the ownership and operation of dry bulk vessels and product tankers. The Company is engaged in the seaborne transportation of bulk commodities, including iron ore, coal, and grain, as well as refined petroleum products. OceanPal’s fleet is primarily employed on time charter trips with short to medium duration and spot charters, with a strategic focus on maximizing long-term shareholder value.
Forward Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk and petroleum products shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
(See financial tables attached)
| OCEANPAL INC. | |||||||||||||
| FINANCIAL TABLES | |||||||||||||
Expressed in thousands of U.S. Dollars, except for share and per share data | |||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||
| REVENUES: | |||||||||||||
| Vessel revenues | $ | 7,497 | $ | 3,866 | $ | 19,921 | $ | 13,149 | |||||
| EXPENSES: | |||||||||||||
| Voyage expenses | 1,188 | 27 | 2,605 | 1,303 | |||||||||
| Vessel operating expenses | 3,011 | 3,833 | 8,591 | 8,869 | |||||||||
| Depreciation and amortization of deferred charges | 1,608 | 1,726 | 5,052 | 5,768 | |||||||||
| General and administrative expenses | 1,554 | 1,294 | 4,841 | 3,903 | |||||||||
| Management fees to related parties | 331 | 315 | 961 | 921 | |||||||||
| Impairment loss | - | - | 1,087 | - | |||||||||
| Other operating (income)/ loss | (18 | ) | (5 | ) | 6,728 | 12 | |||||||
| Operating loss | $ | (177 | ) | $ | (3,324 | ) | $ | (9,944 | ) | $ | (7,627 | ) | |
| Change in fair value of warrants’ liability | - | (113 | ) | - | 6,222 | ||||||||
| Finance costs | (34 | ) | (8 | ) | (34 | ) | (909 | ) | |||||
| Loss on equity method investment | (9 | ) | - | (24 | ) | - | |||||||
| Other income/(expenses) | 7 | (86 | ) | 22 | (86 | ) | |||||||
| Interest income | 51 | 149 | 307 | 365 | |||||||||
| Net loss and comprehensive loss | $ | (162 | ) | $ | (3,382 | ) | $ | (9,673 | ) | $ | (2,035 | ) | |
| Less: Deemed dividend upon redemption of Series D preferred stock | - | - | (2 | ) | (154 | ) | |||||||
| Less: Dividends on Series C preferred stock | (177 | ) | (306 | ) | (504 | ) | (881 | ) | |||||
| Less: Dividends on Series D preferred stock | (277 | ) | (203 | ) | (758 | ) | (795 | ) | |||||
| Net loss attributed to common stockholders | $ | (616 | ) | $ | (3,891 | ) | $ | (10,937 | ) | $ | (3,865 | ) | |
| Loss per common share, basic | $ | (0.08 | ) | $ | (1.06 | ) | $ | (1.47 | ) | $ | (1.81 | ) | |
| Loss per common share, diluted | $ | (0.08 | ) | $ | (1.06 | ) | $ | (1.47 | ) | $ | (4.56 | ) | |
| Weighted average number of common shares, basic | 7,451,977 | 3,659,412 | 7,451,757 | 2,136,647 | |||||||||
| Weighted average number of common shares, diluted | 7,451,977 | 3,662,049 | 7,451,757 | 2,212,231 | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | |||||
| (in thousands of U.S. Dollars) | |||||
| September 30, 2024 | December 31, 2023* | ||||
| ASSETS | (unaudited) | ||||
| Cash and cash equivalents | $ | 4,251 | $ | 14,841 | |
| Other current assets | 24,576 | 5,203 | |||
| Vessels, net | 75,182 | 71,100 | |||
| Other non-current assets | 2,914 | 3,701 | |||
| Total assets | $ | 106,923 | $ | 94,845 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Liabilities | $ | 14,970 | $ | 2,286 | |
| Total stockholders' equity | 91,953 | 92,559 | |||
| Total liabilities and stockholders' equity | $ | 106,923 | $ | 94,845 | |
*The balance sheet data have been derived from the audited consolidated financial statements at that date.
| OTHER FINANCIAL DATA | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
| Net cash provided by/ (used in) operating activities | $ | 1,873 | $ | 130 | $ | (1,426 | ) | $ | 685 | |||
| Net cash used in investing activities | $ | (8,006 | ) | $ | (1,648 | ) | $ | (8,006 | ) | $ | (5,746 | ) |
| Net cash (used in)/provided by financing activities | $ | (417 | ) | $ | (562 | ) | $ | (1,158 | ) | $ | 12,130 | |
FAQ
What was OceanPal's (OP) revenue growth in Q3 2024?
How much net loss did OP report for the first nine months of 2024?
What was OP's fleet utilization rate in Q3 2024?
How many vessels does OceanPal (OP) currently operate?
What was OP's Time Charter Equivalent (TCE) rate in Q3 2024?
